VRL Logistics IPO Over-Subscribed on Day 2

The initial public offer (IPO) of VRL Logistics on Thursday got over-subscribed at 1.10 times of the issue size on the second day of subscription.

The public offer received bids for 1,79,64,375 shares against the total issue size of 1,62,69,006 shares, reflecting a subscription of 1.10 times, data at the NSE till 1400 hrs showed.

The bidding for shares in the IPO will close on Friday.

VRL Logistics is the fourth company to hit the capital market with an IPO this year.

The IPO constitutes a fresh issuance of Rs 117 crore worth of equity and an offer for sale of 1.71 crore shares by NSR-PE Mauritius LLC and the promoters' family.

The company has fixed a price band of Rs 195-205.

The proceeds will be utilised for expanding the company's existing fleet of goods transportation vehicles, repayment of loan and for other general corporate purposes.